PacketVideo Will Appoint Pimco’s Cvengros as CEO

William D. Cvengros, chief executive of investment firm Pimco Advisors LP in Newport Beach, is expected to be named today as chief executive of PacketVideo Corp., a closely held software developer.

Jim Carol, 42, PacketVideo’s current chief executive and co-founder, will become chairman and chief strategist of the company.

Cvengros, 51, has said he would decide by the end of the year what he would do after Pimco was sold to Allianz AG in Munich.

Cvengros was an early investor in PacketVideo, which aims to help wireless communications services deliver streaming video, including videoconferences, to customers.

Founded in 1998, the company is expected to close today a $21-million round of financing that would boost the PacketVideo’s total equity capital to more than $25 million.

Cvengros said he is joining the company to take part in the fast-growing wireless industry.

“We’re in a position to define a whole new communications medium because it is a technology that is going to be broad, global and right at the center of the merger of the wireless industry and the Internet,” he said.

His appointment will take effect at the end of the first quarter.